Law Firm News

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Law Firm News

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Debevoise & Plimpton, LLP

Debevoise Named Best Law Firm (Deals) In North America By The Global Private Equity Awards
"Debevoise & Plimpton LLP has been named Best Law Firm (Deals) in North America by The 2006 Global Private Equity Awards, presented by Private Equity International magazine and PrivateEquityOnline.com based upon an annual readers’ poll. This marks the second time since 2004 that the firm received the top award in this category. The firm was also honored twice as the Best Law Firm (Fund Formation) in North America for 2005 and 2003.

In its award citation, Private Equity International noted Debevoise for having ""built up a reputation as an innovator and bespoke problem solver,"" observing that the firm ""helps private equity firms acquire companies, properties, offer securities, complete debt and equity financings…"" The awards are listed in their entirety on PrivateEquityOnline.com and in Private Equity International’s 2006 Annual Review.

Debevoise has been a pioneer in private equity M&A for over 25 years, crafting innovative solutions for some of the largest and most complex transactions in the industry, many of which were cross-border in nature. With over 200 lawyers serving private equity worldwide, Debevoise is among a handful of firms with a truly global private equity practice and is poised to provide private equity clients with focused market knowledge and cutting edge legal techniques in the United States, Europe, Asia and beyond.

In 2006, the firm published The Private Equity Primer: The Best of the Debevoise & Plimpton Private Equity Report, a one-stop guide to the business, legal, tax and regulatory issues affecting private equity. Seven years ago, the firm introduced the Debevoise & Plimpton Private Equity Report, which focuses on the ways in which legal and market developments impact private equity firms and their investors in their fundraising, investing, acquisitions, financing and monetization activities."

04-05-2007

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Cooley Godward Kronish LLP

Cooley Team Prevails for Unsecured Creditors in Retail Bankruptcy Dispute
"Cooley Godward Kronish LLP’s bankruptcy and restructuring practice has prevailed for the unsecured creditors of Norstan’s, a women’s budget retailer, in the denial of a motion to dismiss a $67 million fraudulent transfer lawsuit arising out of a $53 million leveraged buyout and an earlier distribution of $14 million to insider shareholders.

The decision was issued in the U.S. Bankruptcy Court’s Eastern District of New York on March 30 by Chief U.S. Bankruptcy Judge Carla E. Craig. The lawsuit, on behalf of the unsecured creditors, asserts that in the months before declaring bankruptcy, Norstan’s made distributions of $14 million to the company shareholders and thereafter leveraged its own stock to transfer $53 million to those same shareholders.

“It is the view of unsecured creditors that these transfers were constructively fraudulent,” said Cooley partner Ronald R. Sussman. In addition to Sussman, Cooley Partner Lawrence C. Gottlieb and Associates Jeff Cohen, Seth Van Aalten and Michael Klein advised on the matter.

Cooley is one of the top ten U.S. legal advisors on bankruptcy and restructuring matters, according to leading business publication The Deal. The firm represents secured lenders, official and unofficial creditors’ committees, equity committees, employee and retiree committees, tort committees, investors in distressed situations, debtors, companies and governmental entities in the negotiation of complex reorganizations."

04-05-2007

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Hunton & Williams, LLP

Hunton & Williams Attorney Elected to American Law Institute
"Daryl Robertson, a partner in the Dallas office of Hunton & Williams LLP, was recently elected to The American Law Institute.

Mr. Robertson focuses on sophisticated and complicated business transactions including corporate, commercial real estate, oil and gas, and secured lending. He has represented entrepreneurs, hospitality firms, REIT's, financial institutions and other businesses in a wide variety of matters. He received his law degree cum laude from Harvard Law School and his Bachelor’s degree summa cum laude from Duke University.

Founded in 1923, the American Law Institute was formed to improve the law and the administration of justice in a scholarly and scientific manner. The organization is dedicated to legal research and reform. Elected membership includes judges, lawyers and law teachers from all areas of the United States and from many foreign countries. Current members may propose for membership only those who have achieved high professional standing and demonstrated interest in improving the law. "

04-05-2007

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Hinshaw & Culbertson, L.L.P.

Johns Obtains Appellate Victory for Chicago Insurer
"The Ohio Court of Appeals affirmed a trial court decision granting summary judgment in an insurance coverage dispute in favor of Chicago Insurance Company. Chicago Insurance was represented on appeal of the case, First American Title Insurance Co. v. Chicago Insurance Company, by Douglas A. Johns, an associate in the Minneapolis office of Hinshaw & Culbertson LLP.

The underlying dispute involved a claim by First American for damages from its agent, ITA Title Agency, Inc. ITA was insured under an errors and omissions insurance policy issued by Chicago Insurance. After initially notifying Chicago Insurance of First American’s demands, ITA President Timothy Taber later informed Chicago Insurance that First American would not pursue them. But over 17 months later, First American sued ITA and Taber, seeking to recover on its claims. First American recovered a $240,650 judgment in its favor in that case and subsequently sued Chicago Insurance, seeking to recover the sum awarded. First American argued that the insurer was obliged to pay because of its policy issued to ITA.

The trial court found that ITA was not entitled to insurance coverage under its policy with Chicago Insurance because it had failed to comply with notice and cooperation provisions of the contract. The trial court consequently granted summary judgment in favor of Chicago Insurance and denied First American’s motion for summary judgment.

On appeal, Chicago Insurance maintained that because ITA failed to cooperate with the policy’s prompt-notice provision, it was not entitled to coverage. The appellate court agreed and rejected First American’s contention that CIC was not prejudiced by any failure to notify. The court of appeals found that there was prejudice to Chicago Insurance because it had been notified that First American’s claims would not be pursued and did not later find out about the judgment against ITA until after that underlying case had been decided."

04-05-2007

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Stradley Ronon Stevens & Young, LLP

Firm Recognized by Chambers USA
Three Stradley Ronon practice areas were ranked among the top in Pennsylvania and five of the firm’s partners were recommended as leaders in their field in the upcoming 2007 edition of Chambers USA: America’s Leading Lawyers for Business.

Practice areas and attorney rankings within Chambers USA come from extensive independently conducted research and in-depth interviews with clients and attorneys. A team of 40 full-time Chambers’ researchers conducted more than 10,000 interviews covering the whole United States for the current edition.

Chambers USA recognized Stradley Ronon in the following practice areas:

• Banking & Finance (Pennsylvania)
• Intellectual Property (Pennsylvania)
• Litigation: General Commercial (Pennsylvania)

Chambers also recognized the following individual attorneys who were recommended by clients and peers:

• Kevin R. Casey: Intellectual Property (Pennsylvania)
• Jeffrey A. Lutsky: Litigation: General Commercial (Pennsylvania)
• Bennett G. Picker: Litigation: General Commercial (Pennsylvania)
• David F. Scranton: Banking & Finance (Pennsylvania)
• Lawrence P. Stadulis: Financial Services Regulation: Asset Management Regulation (National); Financial Services Regulation: Broker Dealer Regulation (National)

04-05-2007

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Orrick LLP

Orrick Advises on First International Securitization of Mortgages in Kazakhstan
The London office of Orrick, Herrington & Sutcliffe advised Kazakhstani mortgage company BTA Ipoteka, a subsidiary of BTA, the second largest bank in Kazakhstan, on the first-ever publicly rated RMBS deal from Kazakhstan. The $141.4 million transaction is backed by receivables from 10,274 mortgage loans originated by BTA Ipoteka, with 52 percent of the properties located in Almaty.

The Orrick team was led by structured finance partner Martin Bartlam, assisted by associate Bojana Petrovic. Martin commented "We are delighted to have advised BTA Ipoteka on this ground breaking deal. There was a scarcity of mortgage loans in Kazakhstan during the 1990s, but the market has since developed with prices being listed in US dollars. The market is still in its early stages with only a very small portion of real estate transactions funded by mortgage loans. This deal is an interesting development and is an indication of the increasing demand in the securitization market in this region."

The deal was governed by both Kazakhstani and English Law. Baker & MacKenzie advised the arranger, ABN Amro.

About Orrick’s London Office

London’s importance to global markets makes it a critical business centre for Orrick’s clients, many of whom have major operations in the United Kingdom and Continental Europe. Orrick established its presence in London in 1998 and, following steady growth, now has a team of leading corporate, finance and litigation lawyers qualified in English and U.S. law.

About Orrick’s European Finance Practice

Lawyers in the European Finance group at Orrick cover a range of disciplines, from commercial and structured finance to asset and project finance. The firm’s structured finance lawyers represent issuers, arrangers, trustees and investors in structured finance and capital markets transactions, including privately placed debt and equity securities under European and U.S. law. Orrick lawyers have extensive experience in the full range of swaps and derivatives instruments, particularly in cross-border structured financings.

04-05-2007

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Nixon Peabody LLP

Nixon Peabody Represents Constellation Brands In Its Acquisition Of The SVEDKA® Vodka Brand
SVEDKA, an 80-proof premium vodka produced in Sweden, was launched in 1998 and it is now the fastest growing major imported premium vodka in the United States. Approximately 1.1 million cases of SVEDKA were sold during calendar 2006, predominantly in the U.S., a 60 percent increase over 2005 sales volume. SVEDKA is the fifth largest imported vodka with eight percent market share in the imported vodka category according to Information Resources, Inc. (IRI) data.

Nixon Peabody advised Constellation on the acquisition, financing, trademark, antitrust, beverage alcohol, securities, tax, and employee benefits aspects of the deal. Led by partners James A. Locke III and James O. Bourdeau, the team consisted of attorneys from these areas:

* Business: Jeffrey H. LaBarge, John J. LaBoda, III, and Gina M. Sickinger
* Tax: Christian M. McBurney
* Labor and Benefits: Brian Kopp and Thomas J. McCord
* Antitrust: Gordon L. Lang
* Trademark: Richard D. Rochford, Kristen M. Walsh
* Beverage Alcohol: Vincent O’Brien
* Financing: Peter J. Alfano and Timothy P. Kober
* SEC: Richard F. Langan, Jr.

Nixon Peabody also advised Constellation in its 2006 arrangement agreement for the acquisition of Vincor International.

04-05-2007

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